admin“The decision will see funds from lesser performing regional policy areas being redirected to where the funds are likely to have more impact for growth and jobs in the shorter term,” the EU’s executive said in a statement.
This will help Cyprus deal with the current socio-economic crisis and ensure quicker delivery of investments particularly for supporting small and medium sized business and for youth employment.
Around 11 million euros will be reallocated to projects for SMEs and measures to promote youth entrepreneurship.
A further 10 million euros will be moved to projects for the regeneration of urban and rural areas.
The decision to shift funds from one area to another is mainly due to the deterioration of the Cyprus economy in recent months, but also aims to correct the slow progress in other areas of investment.
The eurozone this month formally approved a bailout for Cyprus, which will have to stump up 13 billion euros (US$17 billion) of its own to secure 10 billion euros from the European Union and International Monetary Fund. — AFP.
Online Reporter